Illustrative image (Source: VNA) Figures show that Vietnam is the only CPTPP member that has seen its market share in Canada and Mexico increasing,according to Nguyen Thi Thu Trang, Director of the WTO and Integration Centreat the Vietnam Chamber of Commerce and Industry (VCCI).
Vietnam’s market share in Canada rose from 0.9% in2017 to 1.2 % in 2019 – the first year of CPTPP implementation – and 1.6% lastyear. Meanwhile, that in Mexico expanded from 0.9% in 2018 to 1.7% in 2021.
The figures reflect Vietnam’s successes in utilisingtariff incentives under the deal to access America and increase its marketshare there, Trang noted.
Vo Hong Anh, Deputy Director of the Ministry ofIndustry and Trade (MoIT)’s European - American Market Department, said amongthe CPTPP member countries, four are from America - Canada, Mexico, Peru andChile. Except from Chile with which Vietnam signed a bilateralfree trade agreement (FTA) in 2014, this is the first time the Southeast Asiannation has reached an FTA with the remaining three.
Therefore, such tax incentives will bring about goodopportunities for Vietnam to boost its export, Anh noted.
Vo Hong Anh, Deputy Director of the Ministry ofIndustry and Trade (MoIT)’s European - American Market Department, said amongthe CPTPP member countries, four are from America - Canada, Mexico, Peru andChile. Except from Chile with which Vietnam signed a bilateralfree trade agreement (FTA) in 2014, this is the first time the Southeast Asiannation has reached an FTA with the remaining three.
Therefore, such tax incentives will bring about goodopportunities for Vietnam to boost its export, Anh noted.
At the seminar (Photo: VNA) Anh, however, pointed to obstacles to Vietnameseexporters in their access to America such as the long geographical distance that makestransportation consume much time and money.
Other roadblocks lie with market standards,especially in North America, and the language as most of the Latin Americannations use Spanish in transactions, she continued.
The official affirmed that the MoIT has always paidattention to the implementation of the agreement to bring about the mostpragmatic interests to businesses.
Last July, the ministry sent a delegation to the US,Canada and Mexico in an effort to promote trade with the countries, and thesides reached some consensus on orders on this occasion.
The ministry will continue to help businesses handle risks regarding trade barriers and remedies, Anh said, suggesting them establish showroomsand distribution centres in the region./.
VNA
